Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME

v2.4.1.9
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Statement [Abstract]      
Interest income $ 127,627us-gaap_InterestAndDividendIncomeOperating $ 213,712us-gaap_InterestAndDividendIncomeOperating $ 282,951us-gaap_InterestAndDividendIncomeOperating
Interest expense 80,022us-gaap_InterestExpense 78,601us-gaap_InterestExpense 108,236us-gaap_InterestExpense
Net interest income (expense) 47,605us-gaap_InterestIncomeExpenseNet 135,111us-gaap_InterestIncomeExpenseNet 174,715us-gaap_InterestIncomeExpenseNet
Impairment/(Reversal)      
Valuation allowance (reversal) on loans (2,419)us-gaap_ProvisionForLoanLeaseAndOtherLosses (25,035)us-gaap_ProvisionForLoanLeaseAndOtherLosses (24,587)us-gaap_ProvisionForLoanLeaseAndOtherLosses
Other-than-temporary impairment on securities   5,222us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities 19,359us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
Portion of other-than-temporary impairment on securities recognized in other comprehensive income (loss), net of the reversal of other comprehensive (income) loss into net income   44us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterestAvailableforsaleSecurities (436)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterestAvailableforsaleSecurities
Total impairment (reversal) (2,419)nct_ImpairmentNetOfTheReversalOfPriorValuationAllowancesOnLoans (19,769)nct_ImpairmentNetOfTheReversalOfPriorValuationAllowancesOnLoans (5,664)nct_ImpairmentNetOfTheReversalOfPriorValuationAllowancesOnLoans
Net interest income after impairment/reversal 50,024us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss 154,880us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss 180,379us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss
Operating Revenues      
Golf course operations 179,445us-gaap_SalesRevenueNet    
Sales of food and beverages - golf 68,554us-gaap_FoodAndBeverageRevenue    
Other golf revenue 43,538us-gaap_OtherSalesRevenueNet    
Total operating revenues 291,537us-gaap_OtherOperatingIncome    
Other Income      
Gain on settlement of investments, net 50,734us-gaap_GainLossOnInvestments 17,369us-gaap_GainLossOnInvestments 232,897us-gaap_GainLossOnInvestments
Gain (loss) on extinguishment of debt (3,410)us-gaap_GainsLossesOnExtinguishmentOfDebt 4,565us-gaap_GainsLossesOnExtinguishmentOfDebt 24,085us-gaap_GainsLossesOnExtinguishmentOfDebt
Other income, net 27,138us-gaap_OtherNonoperatingGainsLosses 13,356us-gaap_OtherNonoperatingGainsLosses 5,394us-gaap_OtherNonoperatingGainsLosses
Total other income 74,462us-gaap_NonoperatingGainsLosses [1] 35,290us-gaap_NonoperatingGainsLosses [1] 262,376us-gaap_NonoperatingGainsLosses
Expenses      
Loan and security servicing expense 1,199us-gaap_LoanPortfolioExpense 3,857us-gaap_LoanPortfolioExpense 4,260us-gaap_LoanPortfolioExpense
Operating expenses - golf 254,104nct_GolfOperatingExpenses    
Cost of sales - golf 30,271us-gaap_CostOfGoodsAndServicesSold    
General and administrative expense 14,652us-gaap_GeneralAndAdministrativeExpense 17,458us-gaap_GeneralAndAdministrativeExpense 11,239us-gaap_GeneralAndAdministrativeExpense
Management fee to affiliate 21,039nct_ManagementFeeToAffiliate 28,057nct_ManagementFeeToAffiliate 23,611nct_ManagementFeeToAffiliate
Depreciation and amortization 26,967us-gaap_DepreciationDepletionAndAmortization 4us-gaap_DepreciationDepletionAndAmortization  
Total expenses 348,232us-gaap_OperatingExpenses 49,376us-gaap_OperatingExpenses 39,110us-gaap_OperatingExpenses
Income from continuing operations before income tax 67,791us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest 140,794us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest 403,645us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
Income tax expense 208us-gaap_IncomeTaxExpenseBenefit    
Income from continuing operations 67,583us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 140,794us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 403,645us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
Income (loss) from discontinued operations, net of tax (35,189)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity 11,547us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity 30,465us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
Net income 32,394us-gaap_ProfitLoss 152,341us-gaap_ProfitLoss 434,110us-gaap_ProfitLoss
Preferred dividends (5,580)us-gaap_PreferredStockDividendsIncomeStatementImpact (5,580)us-gaap_PreferredStockDividendsIncomeStatementImpact (5,580)us-gaap_PreferredStockDividendsIncomeStatementImpact
Net (income) loss attributable to noncontrolling interests 852us-gaap_NetIncomeLossAttributableToNoncontrollingInterest (928)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest   
Income Applicable to Common Stockholders $ 27,666us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 145,833us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 428,530us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Income Applicable to Common Stock, per share      
Basic $ 0.45us-gaap_EarningsPerShareBasic [2] $ 3.16us-gaap_EarningsPerShareBasic [2] $ 17.84us-gaap_EarningsPerShareBasic [2]
Diluted $ 0.44us-gaap_EarningsPerShareDiluted [2] $ 3.09us-gaap_EarningsPerShareDiluted [2] $ 17.64us-gaap_EarningsPerShareDiluted [2]
Income from Continuing Operations per share of Common Stock, after preferred dividends and noncontrolling interests      
Basic $ 1.02us-gaap_IncomeLossFromContinuingOperationsPerBasicShare [2] $ 2.91us-gaap_IncomeLossFromContinuingOperationsPerBasicShare [2] $ 16.57us-gaap_IncomeLossFromContinuingOperationsPerBasicShare [2]
Diluted $ 1.00us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare [2] $ 2.84us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare [2] $ 16.39us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare [2]
Income (loss) from Discontinued Pperations per share of Common Stock      
Basic $ (0.57)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare [2] $ 0.25us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare [2] $ 1.27us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare [2]
Diluted $ (0.57)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare [2] $ 0.24us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare [2] $ 1.25us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare [2]
Weighted Average Number of Shares of Common Stock Outstanding      
Basic 61,500,913us-gaap_WeightedAverageNumberOfSharesOutstandingBasic [2] 46,146,882us-gaap_WeightedAverageNumberOfSharesOutstandingBasic [2] 24,024,395us-gaap_WeightedAverageNumberOfSharesOutstandingBasic [2]
Diluted 63,131,227us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding [2] 47,218,274us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding [2] 24,294,402us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding [2]
[1] Including equity in earnings of unconsolidated subsidiaries.
[2] All per share amounts and shares outstanding for all periods reflect the 1-for-3 reverse stock split, which was effective after the close of trading on August 18, 2014 and the 1-for-2 reverse stock split, which was effective after the close of trading on October 22, 2014.